First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Q3 2026 Earnings Presentation
45 slides from First Quantum Minerals's earnings presentation, October 2026
Slide 1: Third Quarter 2026 Financial & Operating Results
Third Quarter 2026 Financial & Operating Results TSX FM
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information
Slide 3: Opening Remarks
OPENING REMARKS Tristan Pascall, CEO Kansanshi Smelter
Slide 4: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 108,959t ♦ Panama’s Interministerial Commission delivered its final report, recommending negotiations to provide for a restart of Cobre Panamá to support long-term, orderly, self-financed closure 8% increase from Q2 2026 due to higher pr
Slide 5: Sustainability and Community Highlights from the Quarter
SUSTAINABILITY AND COMMUNITY HIGHLIGHTS FROM THE QUARTER Building digital First Quantum Communities Cobre Panamá Cobre Emprende skills and capacity opens national launch 'Water and graduates 47 new El Pitch awards in Zambia markets for local Biodiversity technicians in $180,000 suppliers Guardians'
Slide 6: Cobre Panamá
3 Bi: a MINERALS FIRST QU,
Slide 7: Cobre Panamá Update
COBRE PANAMÁ UPDATE May 30, 2025: Government of Panama (“GOP”) Approves Preservation and Interministerial Commission Recommendation Safe Management Plan (“P&SM”) ♦ Interministerial Commission created following SGS Audit to provide Plan allows for: recommendation to the GOP on how to proceed ♦ Int
Slide 8: Interministerial Commission Recommendation
The Interministerial Commission Recommends The GOP enter into negotiations with First Quantum to provide for a restart of Cobre Panamá to INTERMINISTERIAL support an orderly, self-financed closure, recognizing that closure and rehabilitation will be a long-term undertaking extending over decades. A
Slide 9: Operational Overview
OPERATIONAL OVERVIEW Rudi Badenhorst, COO Kansanshi S3 Circuit 9
Slide 10: Kansanshi
KANSANSHI Q3 2026 COPPER PRODUCTION 2026 Outlook 45,843t 4% higher than Q2 2026 due to improved ♦ ♦ Production guidance narrowed to reflect performance to date S3 to benefit from higher availability, mitigating expectations of lower grades and recoveries throughput ♦ South East Dome stripping taking
Slide 11: Sentinel
SENTINEL Q3 2026 COPPER PRODUCTION 2026 Outlook 48,816t 3% lower than Q2 2026 as lower grades ♦ Production guidance updated to reflect performance to date ♦ Grades and throughput to improve in Q4 2026 as mining progresses within Stage 2, re- offset improved throughput introduction of Shovel 1 and co
Slide 12: Cobre Panamá
COBRE PANAMÁ Q3 2026 COPPER PRODUCTION Progress to Date 13,229t ♦ Approximately 3,200 employees on site by the end of September ♦ All three trains commissioned; Train 2 commenced operations in July; Train 1 progressed through refurbishment, testing, and commissioning (Train 3 commissioned in Q2 2026
Slide 13: Enterprise
ENTERPRISE Q3 2026 NICKEL PRODUCTION 2026 Outlook 9,831t 13% decrease from Q2 2026 due to lower ♦ ♦ Production guidance increased due to performance to date Lower ore grades expected in Q4 2026, in line with mine plan ♦ Mining volumes expected to increase in Q4 with the arrival of additional contrac
Slide 14: Other Operations
OTHER OPERATIONS GUELB MOGHREIN RAVENSTHORPE Akjoujt, Mauritania Esperance Region, Western Australia ♦ 100% ownership ♦ 75.7% ownership (24.3% POSCO) ♦ Open pit (Cu, Au) ♦ Open pit (Ni) ♦ Mine life to 2028 ♦ Care & Maintenance since July 2024 Q3 2026 Production: 16,050oz Au; 1,071t Cu Care & Mainten
Slide 15: Financial Overview
FINANCIAL OVERVIEW Ryan MacWilliam, CFO 15
Slide 16: Q3 2026 Revenue and C1 Cash Costs
Q3 2026 REVENUE AND C1 CASH COSTS1 GROSS REALIZED COPPER PRICE1 ♦ Higher revenue driven by stronger realized1 copper prices, with no hedge losses, coupled with ($ per lb) increased sales volumes including 13,463 tonnes of copper from Cobre Panamá $6.37 ♦ Excluding Cobre Panamá, copper C1 cash costs1
Slide 17: Q3 2026 EBITDA and Net Earnings
Q3 2026 EBITDA1 AND NET EARNINGS/ (LOSS) EBITDA1 ♦ Increased EBITDA1 reflects stronger revenue with no open hedge positions beyond June 30, $844 million Up 111% quarter-over-quarter ♦ 2026 Adjusted earnings per share2 improved on higher EBITDA¹, partially offset by increased tax and depreciation NET
Slide 18: EBITDA Bridge
EBITDA1 BRIDGE 1 EBITDA is a non-GAAP financial measure and realized metal prices is a non-GAAP ratio, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q3 2026 Management’
Slide 19: Copper C1 Cash Cost
COPPER C1 CASH COST¹ ♦ Including Cobre Panamá, copper C1 cash costs1 of $2.59 are $0.05 per lb higher, reflecting a $0.13 per lb impact of a full quarter of stockpile processing ♦ Excluding Cobre Panamá, copper C1 cash costs1 of $2.40 are $0.08 per lb lower driven by lower fuel and maintenance costs
Slide 20: Market Impact on Cost Structure
C2 - INTERNAL MARKET IMPACT ON COST STRUCTURE ♦ Fuel accounts for approximately 16% of our cost base, including about 10% direct exposure ♦ Diesel prices averaged $1.40/ltr in Q3 2026, compared with $0.86/ltr in Q3 2025, representing a 63% year-on-year increase ♦ Zambian kwacha was 19.58 in Septembe
Slide 21: Net Debt
NET DEBT1 Net debt1 decreased by $98 million during the quarter attributable to strong EBITDA2 contributions partially offset by planned capital expenditures, interest paid and taxes Key Working Capital3 Cash Flows Q3 2026 - $7 million inflow Q2 2026 - $66 million inflow 1 Net debt is a supplementar
Slide 22: Closing Remarks
CLOSING REMARKS Tristan Pascall, CEO Kansanshi S3 Circuit 22
Slide 23: 2026 Updated Guidance
2026 UPDATED GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 000's tonnes 2026 Previous Guidance 2026 Updated Guidance Copper Cost Guidance ($ per lb) 2026 Previous Guidance 2026 Updated Guidance Cobre Panamá 30 - 40 30 - 40 C11 $2.15 - $2.40 $2.50 - $2.65 Kansanshi 175 - 205 175
Slide 24: 2026 Priorities
2026 PRIORITIES Advance Continued Safe and Productive Cobre Panamá Operational to Resolution Performance Strengthening the Advance Balance Sheet for Greenfield Future Growth Projects 24
Slide 25: Upcoming Events
UPCOMING EVENTS January 19, 2027 • 3-YEAR GUIDANCE February 9, 2027 • Q4 2026 FINANCIAL AND OPERATING RESULTS (Conference call February 10, 2027) April 27, 2027 • Q1 2027 FINANCIAL AND OPERATING RESULTS (Conference call April 28, 2027) May 6, 2027 • ANNUAL GENERAL MEETING May 6, 2027 • TORONTO ANALY
Slide 26: Appendix: Financials
& FIRST QUANTUM MINERALS APPENDIX FINANCIALS ——. —
Slide 27: Key Input Assumptions and Trends
C2 - INTERNAL KEY INPUT ASSUMPTIONS AND TRENDS PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at October 28, 2026: $4,057/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $100/bbl Spot at October 28, 2026: $115/bbl ZAMBIAN KWACHA: US DOLLAR Guidance1 assumption: 18.00 Spot at October 28,
Slide 28: Debt Maturity Profile
DEBT MATURITY PROFILE ♦ De-leveraging remains the key balance sheet priority, supported by prudent capital deployment to sustain financial resilience and growth ♦ Nearest material debt maturity not until 2029 and nearest bond due in 2031, the debt profile remains flexible and manageable as we focus
Slide 29: Balance Sheet Preservation
BALANCE SHEET PRESERVATION ♦ Focused on liquidity resilience and balance sheet efficiency through macro uncertainty ♦ Continued de-leveraging is a priority, seeking levels close to 1.0x prior to sanctioning next major project ♦ $500 million 1st ♦ Copper hedge ♦ $425 million ♦ $1 billion Senior ♦ $50
Slide 30: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Excluding Cobre Panamá, higher AISC2 quarter-over-quarter of $4.20 per lb was driven by more sustaining capex3 and greater royalties, partially offset by lower C1 cash costs2 2.50 - 2.65 4.10 - 4.25 1 First Quantum News Release dated October 28, 2026. 2 Copper C1 cash cos
Slide 31: Financial Summary
FINANCIAL SUMMARY $ millions (except per share numbers) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Sales revenues 2,086 1,522 1,404 1,475 1,346 Gross profit 678 297 278 416 360 EBITDA1,2 844 400 326 464 435 Net earnings (loss) attributable to shareholders of the Company 207 136 (196) 25 (48) Adjusted e
Slide 32: Non-GAAP EBITDA and Adjusted Earnings Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION $ millions (except per share numbers) Q3 2026 Q2 2026 Q3 2025 Operating profit 549 423 223 Depreciation 233 214 196 Foreign exchange loss (gain) 31 (15) 9 Gain on disposals of group companies — (271) — Impairment expense — 1 — Share of re
Slide 33: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q3 2026 Q2 2026 Q3 2025 Cost of sales1 (1,408) (1,225) (986) Depreciation 233 214 196 By-product credits 165 168 146 Royalties 147 136 100 Treatment and refining charges (21) (19) (24) Freight costs 3 2 5 Finished goods 35 (57) 25 Other 4 184 180 66 C
Slide 34: EBITDA Sensitivity
EBITDA1 SENSITIVITY September 30, 2026 YTD Actual price/rate EBITDA1 Impact of a Assumption September 30, 2026 10% unfavourable QTD price/rate change Copper 6.40 per lb $382 million Gold 4,258 per oz $38 million Nickel 7.52 per lb $43 million Zambian kwacha 18.89 ZMW/USD $27 million Brent crude $96/
Slide 35: Appendix: Operations
& FIRST QUANTUM MINERALS APPENDIX OPERATIONS
Slide 36: Kansanshi
♦ Greenfield project acquired in 2001 ♦ Commissioned in 2004 (4 Mtpa oxide circuit, 2 Mtpa sulphide circuit and SxEw circuit); Achieved commercial KANSANSHI production in Q2 2005 Solwezi, Zambia ♦ 2006–2009 sulphide circuit expansions ♦ 25 Mtpa S3 Expansion sanctioned in 2022; Completed mid-2025; Ac
Slide 37: Sentinel
♦ Greenfield project acquired in 2010 ♦ 2010-2013 Exploration (677 diamond drilling holes and 230 km of drilling); Mineral reserve in 2012 SENTINEL ♦ 55 Mtpa construction from 2012–2016; First production in 2015; Commercial production Kalumbila, Zambia in 2016 ♦ Concentrate treated at Kansanshi smel
Slide 38: Cobre Panamá
♦ Acquired 80% interest in 2013 following take-over of Inmet Mining; 85 Mtpa project re-design in 2014 (port, power and mining operations) COBRE PANAMÁ ♦ Port operations commenced in 2015 ♦ Ownership increased to 90% in 20171 Colón Province, Panama ♦ Power station commenced in 2018 ♦ First ore in 20
Slide 39: Enterprise
♦ Top 10 nickel sulphide operation globally ♦ Low-cost, high-grade nickel sulphide mine located 12 km from Sentinel ♦ Shares processing infrastructure and ENTERPRISE common tailings storage facility with Sentinel Kalumbila, Zambia ♦ Project sanctioned in May 2022 ♦ Achieved first nickel production i
Slide 40: World-Class Undeveloped Projects
WORLD-CLASS UNDEVELOPED PROJECTS
Slide 41: Largest Undeveloped Open-Pit Greenfield Projects
15 Largest Undeveloped Open-Pit Greenfield Projects1 Bubble size represents resource contained copper WORLD-CLASS Represents First Quantum project UNDEVELOPED PROJECTS El Pachon ♦ One of the largest undeveloped projects globally1 Twin Metals Tampakan ♦ Second largest greenfield project Frieda La bas
Slide 42: Taca Taca
♦ Porphyry copper-gold-moly deposit ♦ 3,500 metres elevation ~230 km west of city of Salta, 55 km east of Chilean border ♦ Defined access to water, power, rail, port TACA TACA ♦ Located in an area with limited Salta Province, Argentina environmental sensitivities ♦ No local communities living within
Slide 43: La Granja
♦ Located on the eastern flank of the Western Cordillera of the Andes; Situated at moderate elevations of between 2,000 metres and 2,800 metres above sea level ♦ Second largest greenfield project based on contained copper1 LA GRANJA ♦ Two principal mineralized centres at Paja Blanca and Cajamarca, P
Slide 44: Haquira
♦ Large-scale porphyry copper project in Apurímac, Southern Peru ♦ Acquired in December 2010 ♦ Focus on community, environmental HAQUIRA aspects Apurímac, Peru ♦ Exploration permit approved in early February 2025; Amendment extends permit term for seven years, allowing for further drilling in future
Slide 45: fqml.com
TSX FM [email protected] 416-361-6400 | 1-888-688-6577 fqml.com
First Quantum Minerals — Q3 2026 Earnings Presentation on 6ix